I'm calling for the immediate removal of Minister of Finance Ms. Kemi Adeosun and replace her with Kalu Idika Kalu or worst case with Charles Soludo. Immediate resignation of Mr. Godwin Emefiele and replace him with veteran world renowned economist, former Director-General at the West Africa Monetary Institute, IMF& UN lead consultant, former Professor of economics at UH, former director of Research and Statistics at CBN, and current Deputy Governor of CBN Dr. Joseph Okwu Nnanna. Dr. Nnanna worked with Dr. Paul Oguma in the early 90s to stabilize the Naira. He should be given the freedom and free will to put his expertise to work and get us out of this mess. The days of career bankers like Emefiele, Sanusi heading our Apex bank are over. We need career economists ...that's their job. Dr. Nnanna has been dubbed the Alan Greenspan and Ben Bernanke of Nigeria.

Dr. Joe Okwu Nnanna with former Economics adviser to Obasanjo Dr. Magnus Kpakor

https://www.youtube.com/watch?v=WsH5hIuVnT4

It is not good to substitute a player in the first 10mins.
Economists are like preachers who only preach from the Book of Revelation. They always assume the worst and believe that without their theories the country's economy will fall. Bankers i believe are more practical.

We have to be careful before we end up with End Time Economists.

Good idea...supported. What do all these have in common:Dr. Paul Oguma, Dr. Alex Otti, Dr. Kalu Idia Kalu, Dr. Achinivu Ochi Chinoyerem, Dr. Okwu Nnanna, they are all Ngwa Abia boys...this people like economics die. Nah their area be that...economics and finance. I can name you 100 of them from Abia recognized as top economists in the world.

Watch how the treacherous South exonerate one and ask for the head of the other.

We the better South, thank God we never fell for the scam called CHANGE

Anyone who believes our currency should be appreciating against the dollar at this present time with the present petroleum industry crises, qualifies as a world renowned moro.n.

It's akin to a shareholder in an oil company asking why the share value that has been dropping since mid 2014 has not returned to the previous high price value of a unit share, but rather continues to fall daily.

Everyone except a moro.n knows why the share value was very high prior to mid 2014 when a barrel of crude sold above $100. Now that a barrel of crude is struggling to sell above $30, it is no surprise that the unit price of shares in a company operating in such an industry will be very low relative to mid 2014.

Has the price of crude even began to appreciate already, that shareholders are anticipating a rise in the oil company's share value? Could this irrational expectation be because the oil company now also sells gold and diamonds, such that its annual revenue/profit has continued to rise despite the gloomy affairs in its oil department?

Now replace company with country, and consider that such a country had no significant investment during the oil boom, now that oil dooms, you are suprised the country's currency continues to depreciate? Really?

What role did the shareholders of this country play when news was everywhere that the executives and senior management were wasting funds on frivolities and on chartered flights costing N10b, or that significant funds were missing or did not accrue after due sales of company products?

Yet the same shareholders who wanted the sacked management to continue because they saw no wrong done by them, now want the new management to perform magic on a situation they hitherto refused to acknowledge its existence and enormity.


If you like, bring Adam Smith from the grave, he will only begin to diversify the economy and watch and wait till that begins to yield its benefits many years later for a new generation of Nigerians.

No matter the drug prescribed, this flu will run its course.

In the end, it is hoped that a people who have shown not to have a memory at all, would have learnt some economic lessons for the good of the commonwealth.

That Emefiele needs to go sharp sharp, let him be prosecuted for all his sleepy eye sharp practices with his fellow bankers, bank executhieves

StOla:
Anyone who believes our currency should be appreciating against the dollar at this present time with the present petroleum industry crises, qualifies as a world renowned moro.n.

So buhari, fashola and apc guys are all moro.ns, let them not hear that o, lolzz.

'cos they campaigned with fx rates then, fashola in Lagos speech asked the crowd, "how much is dollar now"?. They echoed.

They came with the promise to stabilize exchange rates but now it's going out of hand.

Didn't they know there was dwindling oil revenue?

EternalTruths:
Watch how the treacherous South exonerate one and ask for the head of the other.

We the better South, thank God we never fell for the scam called CHANGE

You continue to regurgitate your mantra on better south or terrible south.

Must you always try to compare with the SouthWest?

How many economic refugees from the SouthEast are daily feeding off economic asylum in the SouthWest?

You did not fall for the change mantra but rather insisted that the corruption and criminality of an administration that has daily been revealed as the epitome of ineffectual buffoonery be allowed to continue with its uselessness.

To be honest we are in deep trouble in this country. Dollar 335 it will get to 500 before march. And the poor keep get poor and the rich keep getting rich day by day. price of things have skyrocketed in the market. I don't know wia we head long in this country.

why haven't our renowned economists fix a meeting with the president to talk over how our naira and economy should be saved. They are only good at criticising without concerted efforts to proffer solutions

excellentmomma:
That Emefiele needs to go sharp sharp, let him be prosecuted for all his sleepy eye sharp practices with his fellow bankers, bank executhieves

Long overdue...Emefiele needs to go. Dr. Nnanna seems like a perfect guy for the job.

Why is nobody talking about pounds sterling... bbbThat's what matters to me and I dey fear to hear the price...
Is Emefiele even thinking at all with all these stupid policies...
I will curse all of them..

Juve4:
To be honest we are in deep trouble in this country. Dollar 335 it will get to 500 before march. And the poor keep get poor and the rich keep getting rich day by day. price of things have skyrocketed in the market. I don't know wia we head long in this country.

The more reason you should beseech the government across the 3 arms to show no mercy to those who have been found to have corruptly cornered the commonwealth and hid it inside a ground sewage tank.

The issue has gone beyond who is the cbn chairman..highest a new person can do is devalue the naira but this comes with its consequences as prices of commodities (which are largely imported since we hardly have an industrial base) rise ..don't know how poor or supposedly middle class will cope..we are simply paying the price of being a monoproduct economy due to visionless leaders we have had

Which way Nigeria May God help us o

EternalTruths:
Watch how the treacherous South exonerate one and ask for the head of the other.

We the better South, thank God we never fell for the scam called CHANGE

When you understand the difference between fiscal policy and monetary policy then you will know whom to fire.

excellentmomma:


So buhari, fashola and apc guys are all moro.ns, let them not hear that o, lolzz.

'cos they campaigned with fx rates then, fashola in Lagos speech asked the crowd, "how much is dollar now"?. They echoed.

They came with the promise to stabilize exchange rates but now it's going out of hand.

Didn't they know there was dwindling oil revenue?

As long as the Nigerian economy is still built on the foundation of oil, then we will prosper with oil and perish with oil.

Now we perish with oil, but where were we when oil was prospering?

Some were stealing the wealth and hiding it in sewage tanks for their 4th generation. Some were buying property all over the globe.

If we do not know what to do with our oil wealth, we deserve to suffer.

Omg

THose calling for Finance Minister's head are being mischievous. Is the Finance Minister responsible for the fall in oil prices? The Naira slide coincides with the fall in oil prices, and even Iweala acknowledged that much when she absolved herself from responsibility for the slide as far back as 2014. Even Emefiele and CBN have little options. It's either they allow the naira go on a free-fall against the dollar, or try to cushion things as they're currently doing. Folks that know next to nothing are just here talking crap.

Honestly speaking i don't get this dollar stuff. Some saying "PMB caused it" dunno for them sha!

lol at getting rid of Emefiele

HOW ABOUT GETTING RID OF BUHARI?!

you put the country in the hands of someone that didn't go to school. Someone who you are better trained to understand currency than and you're surprised that Nigeria is the only oil economy that hasn't slowed down it's currency collapse?

->Buhari has already started poorly, the budget should have been passed by now and full diversification accelerated but unfortunately it seems the present govt cannot even prepare a budget without corruption and butt-load of mistakes.
->The more time we waste, the worse our economy will be shredded and the naira becomes worthless like the Zimbabwen dollars.

OkutaNla:
THose calling for Finance Minister's head are being mischievous. Is the Finance Minister responsible for the fall in oil prices? The Naira slide coincides with the fall in oil prices, and even Iweala acknowledged that much when she absolved herself from responsibility for the slide as far back as 2014. Even Emefiele and CBN have little options. It's either they allow the naira go on a free-fall against the dollar, or try to cushion things as they're currently doing. Folks that know next to nothing are just here talking crap.

Not sure I get your logic. Is Emefiele also responsible for fall in oil price? Is Buhari responsible for the fall in oil price? They are not and neither is Kemi Adeosun. The point is...We need people with tested economics and treasury background who can articulate monetary and fiscal policies to get us out of this mess. They are not mutually exclusive, Finance (fiscal) and CBN(monetary ) have to work to together to effectively get us out of this conundrum. If it means ban on some importation to boast local production to shore up our currency value to counteract the fall in oil price visavis oil revenue, that's where the Fiscal aspect comes in, and such policies have to be articulated.

Naija9090:


Not sure I get your logic. Is Emefiele also responsible for fall in oil price? Is Buhari responsible for the fall in oil price? They are not and neither is Kemi Adeosun. The point is...We need people with tested economics and treasury background who can articulate monetary and fiscal policies to get us out of this mess. They are not mutually exclusive, Finance (fiscal) and CBN(monetary ) have to work to together to effectively get us out of this conundrum. If it means ban on some importation to boast local production to shore up our currency value to counteract the fall in oil price visavis oil revenue, that's where the Fiscal aspect comes in, and such policies have to be articulated.

Well articulated!

Naija9090:


Not sure I get your logic. Is Emefiele also responsible for fall in oil price? Is Buhari responsible for the fall in oil price? They are not and neither is Kemi Adeosun. The point is...We need people with tested economics and treasury background who can articulate monetary and fiscal policies to get us out of this mess. They are not mutually exclusive, Finance (fiscal) and CBN(monetary ) have to work to together to effectively get us out of this conundrum. If it means ban on some importation to boast local production to shore up our currency value to counteract the fall in oil price visavis oil revenue, that's where the Fiscal aspect comes in, and such policies have to be articulated.

are you not aware of the restriction of forex for the importation of 41 items? Are you abreast with news at all?

asha80:
are you not aware of the restriction of forex for the importation of 41 items? Are you abreast with news at all?

I don't debate with people who cannot reason critically.

Naija9090:


I don't debate with people who cannot reason critically.

neither does it make sense to argue with an uninformed fellow

The real problem is buhari! He doesn't get it and with a dogmatic mind. Change ministers and cbn gov with buhari there, he will reduce a guru to a dullard! We have been scammed!

tuniski:
The real problem is buhari! He doesn't get it and with a dogmatic mind. Change ministers and cbn gov with buhari there, he will reduce a guru to a dullard! We have been scammed!

Dr. Nnanna will not take nonsense from any leader, he will resign honorably if it came to that...suspects executive arm interference. These are people in the caliber of Alan Greenspan that believe the Federal Reserve /CBN is an independent entity and no government agency has any power to overrule its decisions.

Naija9090:


Not sure I get your logic. Is Emefiele also responsible for fall in oil price? Is Buhari responsible for the fall in oil price? They are not and neither is Kemi Adeosun. The point is...We need people with tested economics and treasury background who can articulate monetary and fiscal policies to get us out of this mess. They are not mutually exclusive, Finance (fiscal) and CBN(monetary ) have to work to together to effectively get us out of this conundrum. If it means ban on some importation to boast local production to shore up our currency value to counteract the fall in oil price visavis oil revenue, that's where the Fiscal aspect comes in, and such policies have to be articulated.

Guy, Buhari's govt is barely a year old, Adeosun is barely 3-months in office. Emefile is a carry-over from the previous admin but still I feel the situation is beyond his control. It will be height of irresponsibility to replace Emefiele and Adeosun under the pretext that the incoming replacements will perform magic. How long will your recommended replacements be given to perform before others too start calling for their heads? It's obscene and the height of insanity to judge this less than a year old administration on account of a situation that wasn't their making.

OkutaNla:


Guy, Buhari's govt is barely a year old, Adeosun is barely 3-months in office. Emefile is a carry-over from the previous admin but still I feel the situation is beyond his control. It will be height of irresponsibility to replace Emefiele and Adeosun under the pretext that the incoming replacements will perform magic. How long will your recommended replacements be given to perform before others too start calling for their heads? It's obscene and the height of insanity to judge this less than a year old administration on account of a situation that wasn't their making.

You are not getting my point...let me say this in CAPS...MR. EMEFIELE AND KEMI ADEOSUN ARE NOT QUALIFIED TO BE THERE...SIMPLE!

StOla:
Anyone who believes our currency should be appreciating against the dollar at this present time with the present petroleum industry crises, qualifies as a world renowned moro.n.

Ekpas and Ipod miscreants, una don hear ba??


Here's what I told them on a thread two days ago when they tried to bash the government on inflation, that had them thrown into a fit, just like the emotional wrecks they are:

Iroh88:
Oh ye recalcitrant Ekpas, do we produce blades in this country?? I most just about all of you are illiterate, so I'd oblige you with a little bit of basic economics.

When you operate an economy based on a single product and the price of such a product eventually losses its value by over 70%, it is only normal that the value of the currency of such a country operating such an economy to take a beating due to depleting forex. When the value declines, the cost of imported goods and other associated products inevitably rise- even the best economist in the world can't prevent that from happening you illiterate children of Orubebe.

Now, had your biggest party in Africa diversified our economy by just 10% while it held sway for 16 years, perhaps we wouldn't experience none of this- but the economy wasn't diversified, neither was money saved. Rather, despite the windfall from oil, your useless party kept borrowing, recovered looted funds and re-looted them, and stole every penny in sight.

Today, we are paying the price of 10 years of failure, and 6 years of Ineffective Buffoonery and you guys want everything to be fixed in under a year!!

I think we might have more Robotic Buffoons than we initially thought parading themselves as human beings.

#bashing is also allowed.

Now, I'm not all about defending the government even when they do wrong, but when a bunch of emotional fools, who can't seem to get over their past defeat, make it their favourite pastime
to create topics whose sole purpose is insulting the president, I will ALWAYS defend him in the face of such wanton attacks.

#ContinuesSippingMyHenny.